The G20 Summit in Korea which was a gathering of the 20 most powerful world economies ended last week. According to the Epoch Times, few questions concerning the economy were answered and the summit was not as successful as hoped. Although, few things were accomplished, the Seoul Action plan was put into place which will help shape monetary and exchange rate policies, trade policies and global financial reforms. President Obama had planned on using the summit to garner support to promote more currency flexibility by the Chinese. China’s cheap currency is believed to a factor in the United State’s massive trade deficit with China because of the cheapness of Chinese products. Also, Obama had hoped to use the summit to reach a free trade agreement with South Korea, but a deal did not occur. A free trade agreement with South Korea would have been a major boost for American automakers as well as the dairy and agriculture industry. Overall, the summit proved to be not overwhelmingly productive. Source: http://www.theepochtimes.com/n2/content/view/45907/
